Realy don,t know what to do

[SALAMANDER]

I have run my ltd company noe for 7 years however last year was a bad year but this one is starting to pick up. My problem is my own personel debt about £15000.Beecause of slow payments and 60 day payment terms. I have fallen up to 2 months behind with payments and i am struggling to keep up i have a couple of directors guarantees on company vans what would happen if i where to go for an iva.Realy don,t know what to do, my company is finaly getting some where but my personal debt is pulling me down ?

[MelanieGiles]

Hi Salamander and welcome to the forum

With debts of only £15,000, you are borderline for an IVA to be frank, and presumably the limited company is able to fund the guaranteed liabilities?

Why not try and write to your personal creditors and explain the situation regarding the company, giving them assurances that things are improving and asking perhaps for reduced payments for say 6 months. This way you can test for yourself whether your debt problems are manageable or whether you need to revert to professional assistance.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk